The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

Jeff Bezos. Photo by Bloomberg.

As Amazon Stock Tanks, Bezos Makes Jokes

By Martin Peers · May 18, 2022 5:00pm PDT

What is happening to our world? Not only is the stock market in free fall (again), but Jeff Bezos appears to have been infected by a Musk-like bug that causes business executives to lose their inhibitions on social media. Today, for instance, as Amazon stock was dropping 7%, the Amazon founder was tweeting about how he’s been working hard on his... What is happening to our world? Not only is the stock market in free fall (again), but Jeff Bezos...

Stéphane Ouellette, CEO and co-founder of FRNT Financial. Photo: FRNT. Art by Mike Sullivan.

What the Crypto Meltdown Means for Latecomers

By Akash Pasricha · May 18, 2022 4:00pm PDT

After stablecoin Terra USD (UST) and its sister token Luna both crashed last week, investors and founders are regrouping to wrap their heads around the longer term fallout. Sure, the stablecoin fiasco helped fuel a broader selloff that everyone saw front and center; the market cap of all cryptocurrencies is less than $1.3 trillion, down... After stablecoin Terra USD (UST) and its sister token Luna both crashed last week, investors and...

Art: Mike Sullivan

Creator Economy

TikTok Curbs the Copycats; A Metaverse Startup Beloved by Female Gamers Is Also Profitable

By Mahira Dayal · May 18, 2022 3:18pm PDT

TikTok thrives on viral videos: users replicating dance steps, copying video formats and reusing ideas. But creators have long complained about TikTokers who copy their work but neglect to credit their ideas. TikTok is finally trying to change that. The app on Wednesday announced new ways to tag and credit creators in video descriptions, a... TikTok thrives on viral videos: users replicating dance steps, copying video formats and reusing...

A meeting in Horizon Workrooms. Credit: Meta Platforms.

Nick Clegg’s Stab at Hyping Up the Metaverse

By Mathew Olson · May 18, 2022 11:00am PDT

A meeting in Horizon Workrooms. Credit: Meta Platforms.

Nick Clegg’s Stab at Hyping Up the Metaverse

By Mathew Olson · May 18, 2022 11:00am PDT

When Nick Clegg was promoted to be President of Global Affairs at Meta Platforms earlier this year, it was clear that one of his big responsibilities was handling heat from governments, freeing up Mark Zuckerberg to talk up the metaverse to anyone who will listen. But it seems you can’t be a higher-up at Meta without cheerleading the metaverse,... When Nick Clegg was promoted to be President of Global Affairs at Meta Platforms earlier this...

Netflix Cancellations Rise Among Long-Standing Subscribers

By Jessica Toonkel · May 18, 2022 6:00am PDT · 5 comments

Netflix is losing its grip on long-standing subscribers. New data show that people who have been subscribers to Netflix for more than three years accounted for a significantly greater share of cancellations in the first quarter than they did two years earlier. The data help illuminate why Netflix’s subscriber growth stalled suddenly in the... Netflix is losing its grip on long-standing subscribers. New data show that people who have been...

Jonah Hill. Photo by AP

Musk-Twitter Drama Jumps the Shark

By Martin Peers · May 17, 2022 5:00pm PDT

We’re now at that part of the Elon Musk–Twitter drama where—as happens for some long-running TV shows—the plotline has gone off the rails. Of course, this isn’t a TV show, although there likely will be one, and I nominate Jonah Hill to play Elon Musk. And what seems off the wall is just life in Musk’s world. It’s a little like the alternate... We’re now at that part of the Elon Musk–Twitter drama where—as happens for some long-running TV...

Art: Mike Sullivan

Creator Economy

Real Estate Agents Turn TikTokers; Picsart Layoffs; Twitter’s Exodus

By Mahira Dayal · May 17, 2022 2:59pm PDT

TikTok is changing the housing market. The #nycapartments hashtag on the ByteDance-owned app has more than 100 million views; #apartmenttour has 1.3 billion. With that kind of visibility, real estate firms and agents are increasingly setting up TikTok accounts, often as a way to reach Gen Z and millennial buyers, who together make up 39% of home... TikTok is changing the housing market. The #nycapartments hashtag on the ByteDance-owned app has...

Screengrab of Hovhannes Avoyan, CEO of PicsArt, via YouTube.

Picsart, a Photo-Editing Startup Backed By SoftBank, Cuts 8% of Workforce

By Mark Matousek and Amir Efrati · May 17, 2022 1:39pm PDT · 4 comments

Screengrab of Hovhannes Avoyan, CEO of PicsArt, via YouTube.

Picsart, a Photo-Editing Startup Backed By SoftBank, Cuts 8% of Workforce

By Mark Matousek and Amir Efrati · May 17, 2022 1:39pm PDT · 4 comments

SoftBank-backed photo- and video-editing startup Picsart has laid off 90 employees, or around 8% of its workforce, a company spokesperson confirmed to The Information. Picsart is the latest tech firm to pull back on growth amid a turbulent time in the markets. Picsart is also at least the third SoftBank-backed firm to cut staff in recent weeks,... SoftBank-backed photo- and video-editing startup Picsart has laid off 90 employees, or around 8%...

Finding Resources for International Expansion Might Be Easier Than You Think

By The Information Staff · May 17, 2022 12:10pm PDT

The Information hosted an event, Fintech: Women in Tech Leadership Forum, to explore trends and developments in the financial services sector as it’s been transformed by technology. In partnership with Singapore Economic Development Board, the event integrated fireside chats, live Q&A and breakout masterclass sessions to maximize... The Information hosted an event, Fintech: Women in Tech Leadership Forum, to explore trends and...

The glass cube entryway at Apple's New York City flagship store. Photo: Bloomberg.

The New Details on Apple’s Long Headset Journey

By Mathew Olson · May 17, 2022 11:00am PDT

We’ve known for years now that Apple is developing both a mixed reality headset and AR glasses, and while The Information and other publications have regularly trickled out details on the former, CEO Tim Cook has not shied from talking up AR as “the next big thing.” Only now are we getting a better idea of exactly how and why Apple kept at this... We’ve known for years now that Apple is developing both a mixed reality headset and AR glasses,...

Apple's Tim Cook (clockwise from top left), Bob Iger, Al Gore and Mike Rockwell. Images by Bloomberg, Shutterstock. Art by Mike Sullivan.

The Inside Story of Why Apple Bet Big on a Mixed-Reality Headset

By Wayne Ma · May 17, 2022 6:00am PDT · 10 comments

In 2016, Apple’s board of directors gathered inside one of its buildings in Cupertino, Calif., for a glimpse into the company’s future. Former Vice President Al Gore, then–Disney CEO Bob Iger and other Apple board members walked from room to room, trying out prototype augmented and virtual reality devices and software. One of... In 2016, Apple’s board of directors gathered inside one of its buildings in Cupertino,...

CATL headquarters and production facilities in China. Photo by Bloomberg

CATL Could Make Battery Swaps Pay Off, Finally

By Steve LeVine · May 17, 2022 5:00am PDT

CATL headquarters and production facilities in China. Photo by Bloomberg

CATL Could Make Battery Swaps Pay Off, Finally

By Steve LeVine · May 17, 2022 5:00am PDT

Today's column is our second from Dalibor Petkovic, a freelance researcher specializing in Chinese industrial policies. Since 2017, he has focused on the Chinese EV market, as well as smart cities, urban logistics and battery recycling management.There are two ways to recharge an electric car: Plug it in, or replace a depleted battery with... Today's column is our second from Dalibor Petkovic, a freelance researcher specializing in...

Elon Musk. Photo by Bloomberg.

Musk Throws Shade at Twitter CEO (and Securities Rules)

By Martin Peers · May 16, 2022 5:00pm PDT · 1 comment

It’s day 43 in the Elon Musk–Twitter saga—and things are getting even weirder. Today we witnessed the bizarre spectacle of Elon Musk tweeting a poop emoji at Parag Agrawal after the Twitter CEO tried to clarify the company’s procedures for keeping spam bots at bay. A short time later, Bloomberg reported that Musk had told a private conference in... It’s day 43 in the Elon Musk–Twitter saga—and things are getting even weirder. Today we witnessed...

Saturday's mass shooting at a Tops supermarket in Buffalo was livestreamed on Twitch. Photo by AP.

Creator Economy

A Mass Shooting Streamed on Twitch Renews Calls for Social Media Controls

By Kaya Yurieff · May 16, 2022 2:00pm PDT

A racially-motivated mass shooting at a Buffalo grocery store over the weekend, which left at least 10 people dead, has rekindled calls for social media platforms to do more to wipe out hate speech and and act more quickly to handle violent broadcasts. The man identified by police as the shooter livestreamed the attack on Amazon-owned ... A racially-motivated mass shooting at a Buffalo grocery store over the weekend, which left at...

Michael Abrash on stage at Oculus Connect 3. Photo: Bloomberg.

VR Optimism From Meta’s Abrash; Fortnite’s Creative Mode Future

By Mathew Olson · May 16, 2022 11:00am PDT

Let’s kick off this week with a look at what some longtime metaverse thinkers have been up to lately. We’ll start with a recent podcast interview of Meta Platform’s Michael Abrash, check in on why Epic Games founder and CEO Tim Sweeney made headlines late last week, and then look at author (and “metaverse” originator) Neal Stephenson’s decision... Let’s kick off this week with a look at what some longtime metaverse thinkers have been up to...

Sundar Pichai, Mark Zuckerberg and Rupert Murdoch. Photos by AP; Bloomberg. Art by Mike Sullivan

Meta and Alphabet Should Get Used to Paying for News

By Bill Grueskin · May 16, 2022 9:00am PDT · 6 comments

Sundar Pichai, Mark Zuckerberg and Rupert Murdoch. Photos by AP; Bloomberg. Art by Mike Sullivan

Meta and Alphabet Should Get Used to Paying for News

By Bill Grueskin · May 16, 2022 9:00am PDT · 6 comments

If you’re concerned about dreadful trends in the journalism business, such as mass layoffs and private-equity takeovers, then you’ll probably like the scheme Australia devised last year to funnel funding from platforms to traditional media. And if you like the idea of sticking it to Facebook and Google, you’ll probably... If you’re concerned about dreadful trends in the journalism business, such as mass layoffs...

Elizabeth Spaulding, CEO of Stitch Fix. Photo by Bloomberg.

How Stitch Fix Fumbled a Make-or-Break Pivot

By Malique Morris · May 16, 2022 6:05am PDT · 4 comments

Stitch Fix planned to revive sales growth by turning its original strategy on its head. Inside the company, there were warning signs that the effort would struggle. The retailer, which is best known for sending customers five-piece boxes of clothes and accessories picked out by stylists, hoped to broaden its appeal by using algorithms to... Stitch Fix planned to revive sales growth by turning its original strategy on its head. Inside...

With a fully silicon anode, the Porsche Taycan would get about 270 miles on a charge, up from 225 without one. Photo: Ted S. Warren/AP

The Next Generation of EV Batteries Arrives—Ahead of Schedule

By Steve LeVine · May 15, 2022 2:00pm PDT

Welcome back to The Electric! We seem to have been talking about the future of next-generation lithium-ion batteries forever. But now, while most of us have been preoccupied by the critical shortage of raw materials, one of those technologies—silicon anodes—has arrived for use at commercial scale in electric vehicles. As part of a two-part... Welcome back to The Electric! We seem to have been talking about the future of...

Pete Buttigieg Wants Everyone to Buy an EV. Just Not Necessarily From Elon Musk

Pete Buttigieg Wants Everyone to Buy an EV. Just Not Necessarily From Elon Musk

By Jon Steinberg · May 14, 2022 8:00am PDT

Hi, welcome to your Weekend! This was one of those weeks when I was glad that I follow the Doomscrolling Reminder Bot (@Doomscroll_bot) on Twitter. I needed those hourly reminders—“Hi, are you doomscrolling?”—to close the browser window and catch my breath. It’s not every week when $200 billion in crypto goes poof! in a... Hi, welcome to your Weekend! This was one of those weeks when I was glad that I follow the...

Art by Clark Miller

Screentime: How Venture Investor Rex Woodbury Finds Inspiration on His Phone

By Margaux MacColl · May 14, 2022 7:00am PDT · 5 comments

Art by Clark Miller

Screentime: How Venture Investor Rex Woodbury Finds Inspiration on His Phone

By Margaux MacColl · May 14, 2022 7:00am PDT · 5 comments

Welcome to Screentime, a new series from The Weekend in which tech leaders divulge their personal phone habits, from their most recent texts, to midnight scribbles in the Notes app, to whatever’s popping up on their TikTok For You page. For Rex Woodbury, a partner at Index Ventures, it’s practically a job requirement to be on his phone at all... Welcome to Screentime, a new series from The Weekend in which tech leaders divulge their personal...